The Ghana Cocoa Board will later today announce a new producer price for cocoa.
The new figure will be the benchmark at which cocoa beans will be purchased from cocoa farmers.
For the just ended crop season, COCOBOD kept the price of a tonne of cocoa unchanged, at 7,600 cedis. It is unclear whether the price will be reduced due to falling prices on the world market.
But this time around, Ghana will be announcing the producer price in conjunction with Ivory Coast.
This is to check smuggling and other unfair practices associated with different pricing times.
The decision follows recent dialogue between the Ghana COCOBOD and its equivalent body in Ivory Coast.
For the just ended crop season, Ghana increased its prices of cocoa while neighboring Ivory Coast kept its price unchanged due to the drop in the global prices of cocoa.
The CEO of COCOBOD, Joseph Boahen Aidoo tells Citi Business News the new decision should give equal opportunities to both countries.
Source: Citi Business News